Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

RunnerTech Company.

Recording Passive Investments - Below are selected T-accounts for the RunnerTech Company. Balance Sheet Accounts

(In Other Investments) Investments in SAS

(In Other Comprehensive Income)
Net Unrealized Losses/Gains—SAS

1-Jan

5,587

Purchase

19,000

1,565

1-Jan

AJE

?

15,239

Sale

Sale

?

?

AJE

31-Dec

14,558

5,683

31-Dec

Income Statement Accounts

Dividend Revenue

Gain on Sale of Investments

?

Earned

2,384

Sale

7,771

31-Dec

2,384

31-Dec

Required:

Complete the following journal entries and answer the following questions:

a. Purchased securities available for sale for cash. Prepare the journal entry.

b. Received cash dividends on the investments. Prepare the journal entry.

c. Sold SAS investments at a gain. Prepare the journal entry.

d. At year-end, the SAS portfolio had a fair value of $14,558. Prepare the adjusting entry.

e. What would be reported on the balance sheet related to the SAS investments on December 31?

f. What would be reported on the income statement for the year?

g. How would year-end reporting change if the investments were categorized as trading securities instead of securities available for sale?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 7.00

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